Registration of Sole Proprietorship Sole proprietorship registration is the process of officially establishing and legalizing a sole proprietorship business. While the registration requirements can vary depending on the jurisdiction, the general steps involved in sole proprietorship registration are as follows: Choose a Business Name: Select a name for your sole proprietorship. You can use your… Read More »
Can I run multiple businesses on a single GST as a sole proprietor Yes, as a sole proprietor, you can run multiple businesses on a single GST registration. However, you would need to mention the details of all your businesses while applying for GST registration, including their names, addresses, and types of goods or services… Read More »
Can I Use a Single GST Number for Selling Products and Services In India, the Goods and Services Tax (GST) is a comprehensive tax system that has streamlined the taxation process for businesses. A common question among entrepreneurs and small business owners is whether they can use a single GST number for selling both… Read More »
The documents required for registering a home-based business The documents required for registering a home-based business for GST registration are as follows: 1.PAN card of the business owner2.Aadhaar card of the business owner 3.Proof of business ownership (for example, rental agreement, NOC or electricity bill) 4.Bank account details 5.Digital signature certificate (DSC) of the authorized… Read More »
Applicable GST GST extra as applicable” indicates that the price mentioned for a product or service does not include the Goods and Services Tax imposed by the government. The GST amount will add separately to the quoted price, and the final price will include in it. So the GST amount will add to the quoted… Read More »
Accrued expense definition Accrued expense definition, Accrued expense and outstanding expense are both terms relate to expenses that are incur but not yet paid. However, there is a difference between the two terms: Accrued expense An accrued expense is an expense that has been generate but not yet paid, and has not been record in… Read More »
Do startups pay income tax Yes, startups are required to pay income tax in accordance with the Income Tax Act. The amount of income tax paid by a startup depends on their taxable income, which is calculated by subtracting allowable deductions from their total income. However, the government has introduced various tax exemptions and incentives… Read More »
One Person Company One Person Company (OPC) is a type of company that can be formed with only one person as its member or shareholder. It introduce in the Companies Act, 2013 to encourage small business owners and entrepreneurs to start their own companies with limited liability protection. A OPC has a separate legal identity… Read More »
Introduction The Goods and Services Tax (GST) in India is a comprehensive tax system that affects businesses of all sizes, including proprietorships. To ease the process of GST registration, the government introduced the concept of Digital Signature Certificates (DSC). A question that often arises is whether a DSC is mandatory for proprietorships under the GST… Read More »
Who should file an MSME Form-1 Introduction Micro, Small, and Medium Enterprises (MSMEs) play a crucial role in the economy by contributing to employment generation, innovation, and industrial growth. To regulate and monitor outstanding payments to MSMEs, the Ministry of Corporate Affairs (MCA) introduced MSME Form-1 under the Companies Act, 2013. This filing requirement ensures… Read More »